Owners of Avail Trading Corp (ATC) operating in Forex and Futures markets as an IB in the US, had just registered a UK-FCA authorised brokerage last August and recently appointed a new Chief Executive Officer to that entity.
Leaving a multi-billion dollar public company to join a smaller private firm that may be on the up-and-up is not always an easy choice but can be rewarding if the timing and conditions are right.
The latest such executive move occurred for Michael Mirarchi, previously Vice President of Citi's FX Prime Brokerage division, who has since left his post at the bank to join the newly FCA-regulated broker, ATC Brokers UK Ltd.
Newly Regulated FCA firm of the NFA Registered-IB ATC brand
The firm appears under common interest/ownership with the senior management behind the NFA regulated Avail Trading Corp (dba ATC Brokers) in the US, based in California.
Mr. David Manoukian, one of the co-founders of the US entity - is also listed with UK entity (as Director) according to information on the UK FCA financial service register - under the name ATC Brokers UK Ltd - which has just received authorization effective August 30, 2013.
Interestingly, while ATC Brokers' US business operates under the regulatory license of an Introducing Broker (IB), under Avail Trading Corp (dba ATC Brokers), since 2005, its registration with the FCA (through the separate entity) can be viewed as an evolutionary step from IB (for the US) to broker (in the UK) where it is able to hold and control Client Money (in the FCA entity-not the US one).
UK Business Availed along with New CEO, and UK Website to Follow
Forex Magnates' reporters reached out to the UK-listed phone number which redirected to a US staffed trade desk covering the European session, and was explained how while there is only website offering at the moment serving its customers - a new website for the UK entity will be launched as well.
After less than a month having joined as CEO, according to a description in a public LinkedIn profile for Mr. Mirarchi, and the recent approval of the UK entity's FCA status, it will be interesting to see what progress is made for the new regulatory hub under the company's brand name.
Regulatory Track Record in US, Helps Lay Groundwork for UK Obligations
With the approval of UK FCA, and experience as a regulated NFA IB for almost a decade, it appears that ATC could be well poised to grow its new venture in Europe, as the allure of non-US traders appeals to US-based brokers, and assuming that the firm already has a significant portion of its book of clients outside of the US to justify new direction.
Either way, the experience in running a sophisticated IB business (with white-labeled and branded platforms) more like a broker than as an IB - looks to have helped lay the ground work for the evolution of the brand's regulatory license additions.
This news follows the small fine for $10,000 by the NFA over a complaint in 2011 related to allegations in NFA's September 11, 2012 complaint, in connection with ATC's solicitation from ILQ to participate in a proprietary price feed concept.
According to the case document, during this time ATC had introduced one customer, whose account only had three mini-lots traded that resulted in a loss of $8.33, and ATC had voluntarily terminated the test with ILQ promptly after inquiry by NFA staff in August 2011, and subsequently denied the allegations NFA alleged in their response posted on the NFA website, related to Pure Ventures/ ILQ, and then came to a settlement with the regulator (on October 23, 2012) agreeing to the fine.
Leaving a multi-billion dollar public company to join a smaller private firm that may be on the up-and-up is not always an easy choice but can be rewarding if the timing and conditions are right.
The latest such executive move occurred for Michael Mirarchi, previously Vice President of Citi's FX Prime Brokerage division, who has since left his post at the bank to join the newly FCA-regulated broker, ATC Brokers UK Ltd.
Newly Regulated FCA firm of the NFA Registered-IB ATC brand
The firm appears under common interest/ownership with the senior management behind the NFA regulated Avail Trading Corp (dba ATC Brokers) in the US, based in California.
Mr. David Manoukian, one of the co-founders of the US entity - is also listed with UK entity (as Director) according to information on the UK FCA financial service register - under the name ATC Brokers UK Ltd - which has just received authorization effective August 30, 2013.
Interestingly, while ATC Brokers' US business operates under the regulatory license of an Introducing Broker (IB), under Avail Trading Corp (dba ATC Brokers), since 2005, its registration with the FCA (through the separate entity) can be viewed as an evolutionary step from IB (for the US) to broker (in the UK) where it is able to hold and control Client Money (in the FCA entity-not the US one).
UK Business Availed along with New CEO, and UK Website to Follow
Forex Magnates' reporters reached out to the UK-listed phone number which redirected to a US staffed trade desk covering the European session, and was explained how while there is only website offering at the moment serving its customers - a new website for the UK entity will be launched as well.
After less than a month having joined as CEO, according to a description in a public LinkedIn profile for Mr. Mirarchi, and the recent approval of the UK entity's FCA status, it will be interesting to see what progress is made for the new regulatory hub under the company's brand name.
Regulatory Track Record in US, Helps Lay Groundwork for UK Obligations
With the approval of UK FCA, and experience as a regulated NFA IB for almost a decade, it appears that ATC could be well poised to grow its new venture in Europe, as the allure of non-US traders appeals to US-based brokers, and assuming that the firm already has a significant portion of its book of clients outside of the US to justify new direction.
Either way, the experience in running a sophisticated IB business (with white-labeled and branded platforms) more like a broker than as an IB - looks to have helped lay the ground work for the evolution of the brand's regulatory license additions.
This news follows the small fine for $10,000 by the NFA over a complaint in 2011 related to allegations in NFA's September 11, 2012 complaint, in connection with ATC's solicitation from ILQ to participate in a proprietary price feed concept.
According to the case document, during this time ATC had introduced one customer, whose account only had three mini-lots traded that resulted in a loss of $8.33, and ATC had voluntarily terminated the test with ILQ promptly after inquiry by NFA staff in August 2011, and subsequently denied the allegations NFA alleged in their response posted on the NFA website, related to Pure Ventures/ ILQ, and then came to a settlement with the regulator (on October 23, 2012) agreeing to the fine.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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